Rapid Fire
Nepal Moves to Ratify BIMSTEC Charter
- 06 Apr 2024
- 1 min read
The presentation of the Bay of Bengal Initiative for Multi-. Sectoral Technical and Economic Cooperation (BIMSTEC), Charter in the Federal Parliament of Nepal marks a significant step towards regional cooperation and economic prosperity.
- The BIMSTEC Charter was adopted during the Fifth BIMSTEC Summit, 2022. The Charter serves as the foundational document, setting out principles and structures for cooperation among member states. Besides Nepal, the other six member countries of BIMSTEC have already endorsed the BIMSTEC Charter.
- BIMSTEC, formed in 1997, focuses on economic prosperity, social progress, scientific achievement, peace, and stability among countries in the Bay of Bengal region.
- It is initially known as BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation), and the organisation now comprises seven Member States (Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.)
- India views BIMSTEC as integral to its 'Act East' policy, enhancing regional cooperation in Southeast Asia while advancing trade and security interests in the Indian Ocean. It also aligns with the Indo-Pacific focus of Quad countries.
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